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REVENUE
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3

REVENUE

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by Contract Type        
(In thousands)  Twelve Months Ended   Twelve Months Ended 
   December 31, 2023   December 31, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Fixed price  $43,477   $41,540   $85,017   $33,358   $26,960   $60,318 
Time and materials   —    4,718    4,718    —    10,281    10,281 
Total  $43,477   $46,258   $89,735   $33,358   $37,241   $70,599 

 

   Treatment   Services   Total   Treatment   Services   Total 
Revenue by generator        
(In thousands)  Twelve Months Ended   Twelve Months Ended 
   December 31, 2023   December 31, 2022 
   Treatment   Services   Total   Treatment   Services   Total 
Domestic government  $31,448   $39,194   $70,642   $23,752   $35,906   $59,658 
Domestic commercial   10,670    6,357    17,027    8,307    1,408    9,715 
Foreign government   1,001    619    1,620    574    (202)   372 
Foreign commercial   358    88    446    725    129    854 
Total  $43,477   $46,258   $89,735   $33,358   $37,241   $70,599 

 

Contract Balances

 

The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract asset and contract liabilities balances: Our deferred revenue as of December 31, 2023, included a remaining prepayment of approximately $2,031,000 by a certain customer for a waste treatment project which is expected to be completed in 2024.

 

(In thousands)  December 31, 2023   December 31, 2022   Year-to-date
Change ($)		   Year-to-date
Change (%)		 
Contract assets                    
Unbilled receivables - current  $8,432   $6,062   $2,370    39.1%
                     
Contract liabilities                    
Deferred revenue  $6,815   $4,813   $2,002    41.6%

 

During the twelve-months ended December 31, 2023, and 2022, the Company recognized revenue of $6,759,000 and $6,576,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period relates to performance obligations satisfied within the respective period.